Cryptocurrency is becoming a means of legal tender. While the infrastructure isn’t supported enough worldwide, at least it’s getting easier within reach. This is the future for digital currency.
If this is your first time hearing about cryptocurrency, don’t worry. Coinmama is here for you.
This review will cover all aspects of the product, including its features and services. You don’t have the time to read them all? You can look at the conclusion at the end of the article.
Before you continue, you may want to check out this video by FX Empire on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
Features Coinmama Coupon Bitcoin
Coinmama is a brokerage service for all kinds of cryptocurrencies. These coins are currently accepted by Coinmama
- Bitcoin (BTC).
- Ethereum (ETH).
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Qtum (QTUM)
- Ethereum Classic (ETC)
- EOS (EOS)
- Tezos (XTZ)
The service is best for cryptocurrency traders and bitcoin sellers. Their system is straightforward, where you buy and sell directly to the company. When a transaction takes place, there are no middlemen and no hidden fees.
Pros and Cons at a Glance
Here’s a sneak peek of Coinmama’s service on the surface level. These may vary from one user to the next.
- It can be used in 10 cryptocurrencies.
- Wide range of payment methods
- No middlemen or extra fees are involved.
- Direct selling of cryptocurrency
- No mobile app
- High transaction fees
- No crypto to crypto transactions
- No crypto wallet
How Coinmama works for Cryptocurrency
You must buy and sell the coins when you open an account. Sounds easy, right? One thing you should know before buying: the accepted rates.
Exchange rates are displayed in the local currency until you make a purchase. Why? Most cryptocurrencies are listed in USD, EUR, GBP, CAD, AUD, and JPY. It will, therefore, be converted when you organize a transaction.
Payment methods include debit cards, credit cards, and bank transfers. Except they do not accept American Express, Discover, and PayPal.
The fees are the technical part. The TradeBlock XBX index is the one that Cryptocurrency uses. It averages the rate of a market rate, which is where Coinmama bases their rate.
Coinmama includes a base brokerage service fee of 5.9%. Coinmama charges a base brokerage service fee of 10.9% in total, which already includes a 5% credit card fee. These percentages allow you to calculate all costs before you make your purchase.
The table below summarizes the costs to be used.
|Transaction fee||Rate + 2% at XBX|
|Commission fee (standard) — buy||3.9%|
|Commission fee (standard), — sell||0.9%|
|Card transaction fee||5%|
|SWIFT transfer under $1,000 USD||Min. PS20|
|SWIFT transfer over $1,000 USD||There is no additional charge|
|SEPA transfer||No additional fee|
The one thing you should know is the cost of the actual cryptocurrency. One Bitcoin can cost approximately $1000, depending on where it is sold. That amount can be converted to Coinmama prices. So you might need to be careful.
Limits on Buying
There is a limit to how much you can spend, depending on the account level. You will need to verify your identity. This prevents fraudulent information from leaking since you are the one doing the transaction.
Each succeeding level in your account can grant you more considerable spending limits. Here are the stories:
- Level 1 – 1 valid government-issued I.D. Also, you will need to take a photo of yourself holding your I.D. A note marked “Coinmama”, with today’s date, and with the word “Coinmama”.
- Level 2 – Secondary I.D. to support your I.D.s. Aside from two of the above I.D.s, you will also need to upload a utility bill.
- Level 3 – A short form will be filled.
A VIP level is an even higher level. You need to reach out to Coinmama if you want a custom limit with higher spending limits. Note: all levels follow 30 days, not a full month calendar.
After verification, Bitcoins can be purchased for 60 USD or equivalent in EUR, GBP and CAD. For Level 1, you’re limited to 5,000 USD daily, and the monthly limit may reach up to 15,000 USD.
While it is known you can purchase ten cryptocurrencies; Bitcoin can only be sold in Europe. Every other cryptocurrency can be bought and sold around the world. Nonetheless, Coinmama’s service remains the same as their company’s goal.
Every other brokerage service can be daunting with the amount of data. Statistics, graphs, and all that stuff are difficult for everyone. Coinmama simplifies it all down to the user experience.
It’s as easy as that. After you have created an account, you can buy the coins. The coins can also be sold for higher returns if everything goes according to plan. Be careful how you’ll do it.
Important note: the fee percentage applies to debit card and credit card transactions only. Broker fees are also included. A credit clearing fee of around 3%-5% will be present in these purchases.
Coinmama vs. Bitstamp
The service is almost identical to Coinmama, with Bitsamp charging 5%. Although the percentage might seem similar at first glance, it is not. Like Coinmama, it is available worldwide.
Coinmama vs. Coinbase
Notably, Coinbase charges its fees at 3.99%, which is lower than that of Coinmama. But their cryptocurrency services aren’t available worldwide. They are available in 103 countries. However, their customer service is not well-respected.
Security and customer support
The excellent aspect about Coinmama is that the company is not withholding the customer’s funds. Even your payment information won’t be affected. The company is registered with FINCEN USA. This ensures security.
As for their customer support, they’re available 24/7. You can reach their dedicated support team via live chat to voice your concerns. You can also contact them via email or their official Facebook page.
Coinmama can be used in any country in the world. There are exceptions in the United States, however, since it is only available in 43 states. For example, residents of New York and Hawaii cannot use Coinmama.
If you live in the U.S. states that have access, you may avail of their service. If not, you may need to consider an alternative.
What Can be Improved in Coinmama
The fact that no crypto wallet exists may pose a transaction problem. Before you can purchase crypto wallets, you will need to get them from another vendor. This reduces the chance of your cryptocurrency being hacked. Coinmama has partnered with Zeno to store coins as a backup.
They don’t have an official app. Their interface is not easy to use on a smartphone browser.
Coinmama is one of the best starting points for cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Coinmama Coupon Bitcoin
While a good product, there are notable flaws. It is difficult to access all transactions because there is no app or crypto wallet. Even the fees they use may be too high for newcomers who want to dive into cryptocurrency. The most significant factor here is where one lives. Coinmama Coupon Bitcoin
All in all, Coinmama’s brokerage service is satisfactory. But do note the irregular nature of cryptocurrency as a whole. Invest your money wisely.
Frequently Asked Questions (FAQs) Coinmama Coupon Bitcoin
What is Coinmama?
A cryptocurrency exchange based in Israel, it is called Coinmama. It has been one of the most trusted financial institutions for digital currency since its inception in 2013. They assure that all transactions are safe to use for your personal needs.
Is Coinmama safe?
Yes. They offer secure services and are a beginner-friendly platform to use cryptocurrencies. Although their fees can be expensive at times, they provide a high level of quality. Doing a bank transfer can give you more savings, at least.
Does Coinmama accept cards?
Yes. There is a catch. While Coinmama accepts Visa, Mastercard, but not American Express, Discover, nor PayPal.
Are I.D.s required in signing up for Coinmama?
Yes. This is to make sure that Coinmama users are you. If you want to increase your cryptocurrency spending, you can go through three levels of verification.
What is the best way to buy Bitcoins in Coinmama
After signing up and submitting I.D.s you can click on the “Buy Now” button. Coinmama allows you to choose the amount and click the “Buy Now”. The next step is to review the payment information.
When done, you get the coins. Those coins are cryptocurrency by default. There are many ways to earn coins in a volatile market. Time your investment carefully.
How long is the verification time in Coinmama?
Verification in Coinmama can go as quick as 15 minutes or at most in 30 minutes. The way you verify on the platform goes through various levels. Each level will give you a higher spending limit.
Who should use Coinmama?
Coinmama is available to first-time buyers. If one doesn’t have any cryptocurrency at any point, it can be purchased with your credit card or debit card.